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Defiance ETFs has submitted an ETF application that complies with the provisions of the GENIUS Act.

MeNews
ME News, May 21 (UTC+8): Bloomberg ETF analyst James Seyffart said that Defiance ETFs has filed an application for a new type of money market ETF that complies with the GENIUS Act. The Act provides a federal regulatory framework for the issuance of payment-type stablecoins, imposing stricter reserve standards than traditional money market funds. The fund is intended to meet the requirements of the U.S. Stablecoin Act for eligible reserve assets. (Source: MLion)
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GateUser-ebdc7d3a
· 4h ago
Reserves are more strict than MMF, but they call it an ETF and not a stablecoin, clearly playing regulatory arbitrage.
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CatPawTapToConfirm
· 8h ago
Are reserve standards stricter than MMF? Then how does the yield break even? I'm curious about how the underlying assets are allocated.
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FeeFiFoFum
· 8h ago
The name "GENIUS Act" is well-chosen; even the lawmakers in Congress understand marketing.
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PfpArchaeologist
· 8h ago
Defiance's actions are quite quick. If this ETF structure gets approved, it would be like opening a compliant backdoor for USDC.
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LimitOrderAtTheCrater
· 8h ago
James Seyffart's sources are always reliable; this time, the estimate is probably quite accurate.
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ProofOfCoffee
· 9h ago
The federal framework is finally here. Are state Money Transmitter licenses about to become a thing of the past?
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MempoolNomad
· 9h ago
It feels like this is paving the way for BlackRock, with Defiance being small enough to experiment and make mistakes.
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GateUser-ada1e8c7
· 9h ago
MLion I hadn't paid attention to this source before; this time I'll cross-verify with Bloomberg.
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IceCreamUnderTheNeonLights
· 9h ago
What exactly do the requirements for qualified reserve assets refer to? Is there a minimum proportion for government bonds?
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ProofOfNap
· 9h ago
Traditional financial players enter the market, pressure on crypto-native stablecoins is mounting
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